Section 44ad

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2012 A proprietorship firm having turnover of 30.10 lacs. A business loss of Rs. 00.90 lacs.In the case it is not required to get the accounts audited u/s 44AB. But whether it is necessary to declare at least 8% profit?

Aditya Maheshwari

Aditya Maheshwari (Expert)
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03 August 2012 If u want to claim loss then u have to get ur books audited u/s 44AB otherwise u need to show profit @ 8% of sales.

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CA Amit Jaiswal

CA Amit Jaiswal (Expert)
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03 August 2012 You have two available options:
1. Calim loss and Get the books audited u/s 44AB.

2. Opt for presumptive taxation u/s 44AD and declare 8% of turnover as your profits.

There are chances that your case is selected for scrutiny in first case.

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